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Key equity benchmarks hit the day`s low; European markets edge higher

Published on Dec 12, 2023 13:34

The domestic equity benchmarks hit fresh intraday low in afternoon trade. The Nifty traded below the 21,000 level. Markets in Europe and Asia advanced on Tuesday.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 163.61 points or 0.23% to 69,764.92. The Nifty 50 index lost 31.05 points or 0.15% to 20,966.05.

The Nifty hit an all-time high of 21,037.90 in early trade today.

In the broader market, the S&P BSE Mid-Cap index fell 0.13% while the S&P BSE Small-Cap index gained 0.11%.

The market breadth was positive. On the BSE, 1895 shares rose and 1816 shares fell. A total of 131 shares were unchanged.

The India�s stock market value has reportedly overtaken Hong Kong�s to become the seventh largest in the world as optimism about the country�s economic prospects grows.

As of the end of November, the total market capitalization of the National Stock Exchange of India was $3.989 trillion versus Hong Kong�s $3.984 trillion, according to data from the World Federation of Exchanges.

Higher growth rate in domestic GDP, cooling inflation, decline in global crude oil prices and rising manufacturing PMI coulpled with FPIs turning buyers aided following a correction in US 10-year bond yields are the major factors that have taken the Indian market to record high levels.

Meanwhile, investors across the globe will be keenly watching the inflation print from the US on Tuesday night and the Federal Reserve�s message on Wednesday before making further investment decisions.

Stocks in Spotlight:

Thermax advanced 1.91%. The company, through one of its subsidiaries, secured orders worth more than Rs 500 crore from a leading energy conglomerate for setting up five bio-CNG plants across India.

Rail Vikas Nigam (RVNL) rose 0.79% to Rs 180.05 after the company said that its joint venture (JV) with URC has emerged as the lowest bidder (L1) for contract awarded by Madhya Pradesh Metro Rail Corporation worth Rs 543 crore.

Infosys shed 0.92%. The company`s board has appointed Jayesh Sanghrajka as the chief financial officer and key managerial personnel with effect from 1 April 2024. Nilanjan Roy, chief financial officer and key managerial personnel has resigned from the services of the company.

L&T Technology Services (LTTS) added 0.83%. The company has secured a multi-year engineering services partnership with bp, a leading global energy company. The partnership will span areas such as engineering for projects, turnarounds, maintenance improvements, technical writing, engineering data management, and services for sustainability initiatives.

Global Markets:

European markets and their Asian peers traded in the green Tuesday. Japanese stocks lead the gains for a second straight session ahead of the final U.S. Federal Reserve meeting of the year.

As per media reports, economists anticipate that US headline consumer price index will hold steady in November compared to the previous month. The prediction is that it will grow by 3.1% on a 12-month basis, the reports added.

US stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve`s policy announcement.

The Fed�s two-day meeting kicks off Tuesday, and the U.S. central bank is expected to maintain the Federal Funds rate steady in the 5.25%-5.5% range. Market players will also assess the U.S. November inflation figures out late Tuesday. Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

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